Compare Listings

The Cost of NOT Owning Your Home

The Cost of NOT Owning Your Home

Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

Zillow recently reported that:

“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.”
What proof exists that owning is financially better than renting?

1. We recently highlighted the top 5 financial benefits of homeownership:

Homeownership is a form of forced savings.
Homeownership provides tax savings.
Homeownership allows you to lock in your monthly housing cost.
Buying a home is cheaper than renting.
No other investment lets you live inside of it.

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 in family wealth over the next five years.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment– along with a profit margin!!

Owning a home has always been, and will always be, better from a financial standpoint than renting.

img

Matt Hernacki

Matt is a lifelong resident of Chicago’s Northwest Suburbs. He has been helping people buy and sell their homes for 21 years.

Related posts

Wondering If You Can Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or...

Continue reading
by Matt Hernacki

Thinking of Selling? Now is the Perfect Time.

It is common knowledge that a great number of homes sell during the spring-buying season. For that...

Continue reading
by Matt Hernacki

Palatine All Brick on Half Acre – Immaculate Condition!

This immaculate, move in condition all brick home is completely ready for its new owner! Lovingly...

Continue reading
by Matt Hernacki

Join The Discussion

nine + two =